To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year:

Jan.		1		Inventory on hand31,000 units; cost $14.20 each.
Feb.		12		Purchased 81,000 units for $14.50 each.
Apr.		30		Sold 50,000 units for $22.00 each.
Jul.		22		Purchased 61,000 units for $14.80 each.
Sep.		9		Sold 81,000 units for $22.00 each.
Nov.		17		Purchased 51,000 units for $15.20 each.
Dec.		31		Inventory on hand93,000 units.

Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. 2. Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 31,000 units with a cost of $13.70). 3. Determine the amount Treynor would report for its LIFO reserve at the end of the year. 4. Record the year-end adjusting entry for the LIFO reserve, assuming the balance at the beginning of the year was $21,000.

Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) u system. (Assume beginning inventory under LIFO was 31,000 units with a cost of $13.70). LIFO Cost per Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Cost of Goods Available for # of units # of units Cost of unit sold unit Goods Sold Sale 31,000 $13.70 $ 424,700 0 $ 13.70 $ 0 Cost per Ending Inventory - Periodic LIFO # of units Cost per Ending in ending unit Inventory inventory 31,000 $ 13.70 $ 424,700 Beginning Inventory Purchases: Feb 12 Jul 22 14.50 14.50 14.80 14.80 81,000 $14.50 61,000 $ 14.80 51,000 $ 15.20 224,000 1,174,500 902,800 775,200 $ 3,277,200 0 $ 61,000 $ 51,000 $ 112,000 81,000 $ 51,000 $ 51,000 $ 214,000 1,174,500 754,800 775,200 $3,129,200 902,800 775,200 $ 1,678,000 Nov 17 15.20 15.20 Total Determine the amount Treynor would LIFO Reserve ig entry for the LIFO reserve, assuming the balance at the beginning of the year was $21,000. (If no entry is required for journal entry required" in the first account field.) journal entry worksheet General Journal Debit Credit Cost of goods sold LIFO reserve